Couple’s RM400,000 life savings vanish after dealings with bank employee

Chong (second right) and Kong (right) meeting with the victims.

By DayakDaily Team

KUCHING, Nov 28: A couple’s lifetime savings amounting to RM400,000 have allegedly disappeared after they withdrew their investments from a unit trust management company and attempted to reinvest them in a financial product promoted by a bank employee.

In a statement, Stampin MP Chong Chieng Jen said the victims had their savings invested for their children’s tertiary education.

Chong, who is also the assemblyman for Padungan, said that about two months ago, the victims were introduced to a financial product offered by a bank, and they met an employee from said bank for further information about the product.

Following the meeting, the victims agreed to withdraw their savings and reinvest them in the bank’s financial product, where they were given the relevant forms to sign and received what appeared to be an official receipt acknowledging an investment of RM200,000 each.

“At all times, the funds were transferred directly in cash within the bank’s branch, and the victims never handled any of the money themselves.

“It was only recently, when they were informed that the bank officer in question had been suspended from work over issues related to the same product, that they became alarmed. They then immediately checked with the bank, only to be told that no such account existed under their names and no funds had ever been deposited.

“They have since lodged a police report and initiated a formal dispute claim with the bank regarding the missing RM400,000,” he said.

Chong added that he and his assistant, Michael Kong, will continue assisting the victims to pursue this matter to the fullest, saying that the bank must take responsibility, especially when the alleged misconduct was carried out by their own staff, and all transactions occurred within their branch premises.

“This is a matter that goes to the very fundamental integrity and accountability of a financial institution and public confidence in our banking system.

“Besides the police investigation on the matter, we shall also help to bring the matter to the attention of the Ministry of Finance and the Bank Negara Malaysia for further action and investigation,” he said.

He also urged the bank involved to compensate the victims for the full amount of their savings. — DayakDaily